China’s biggest home seller, Country Garden Holdings, has apologised after reporting the worst half-year performance in its history as a listed company, reports the South China Morning Post. The Foshan-based company reported a net profit of RMB 612 million ($88.7 million) in the six months ended June 30, down 96% from a year earlier. That is the sharpest decline since the company listed its shares in 2007, according to a filing to the Hong Kong stock exchange on Tuesday.
The developer’s boss struck a gloomy tone about the immediate prospects for a recovery in China’s beleaguered housing market. However, he believes things could turn around next summer.
“We are facing a bitter winter that we have never seen in the history of China housing and the turbulence has gone beyond our expectation,” said chief executive officer Mo Bin.